In late May 2025, the Securities Industry and Financial Markets Association (SIFMA), together with the American Bankers Association, Bank Policy Institute, Independent Community Bankers of America, and Institute of...more
On March 31, 2022, the Securities Industry and Financial Markets Association (“SIFMA”) released its after-action report on Quantum Dawn VI – a global financial-markets cybersecurity exercise....more
In this newsletter, we provide a snapshot of the principal Asian, US, European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. ...more
New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more
Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...more
On May 9, 2016, the International Swaps and Derivatives Association, the European Banking Federation, and the Global Financial Markets Association (comprised of three other industry associations, including the Securities...more
Recently, attorneys from K&L Gates’ Government Enforcement practice group attended the Securities Industry and Financial Markets Association’s (“SIFMA”) Compliance and Legal Society Annual Seminar. We wanted to share with you...more
It reads like a movie script: First, the financial services industry experiences a bout of firm-specific attacks in the form of distributed denial of service (DDoS), domain name system (DNS) poisoning, or breach of personally...more
It seems as if every day there is a new report of a data breach or cyber attack. For the same reason that Willie Sutton robbed banks — “because that’s where the money is” — cyber criminals have been incessant in their...more
A week after OCIE announced it would conduct a second round of cyber-security exams, the Commission emphasized the issue by bringing an enforcement action against a non-custodial investment-adviser over a remediated data...more
This week the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced a second-round of cybersecurity examinations, continuing its initiatives on the issue. The move follows the SEC’s: March 2014 roundtable...more
I’m sure you remember SIFMA’s Principles for Effective Cybersecurity Regulatory Guidance, issued last October. I mean, you read about them right here. One of the principles was this: Principle 9: Information Sharing...more
In the wake of reported security breaches at a number of significant financial institutions, cybersecurity is garnering more attention and concern than ever before — both within the financial services industry and among...more
Editor’s Note - CFTC Commissioner Giancarlo Proposes “Pro-Reform Reconsideration” of the Swaps Trading Rules. On January 29, CFTC Commissioner J. Christopher Giancarlo published a whitepaper titled “Pro-Reform...more
Does everyone feel compelled to comment on cybersecurity issues? It seems that way. And on October 20th the Securities Industry and Financial Markets Association jumped deeper into the fray when it issued its Principles for...more
Senior Fed Officials Encourage Financial Industry Firms to Improve Compliance Culture - Enhancing culture was the theme at a workshop on “Reforming Culture and Behavior in the Financial Services Industry” held at the...more
On October 17, 2014, President Obama directed the federal government to take steps to improve the security of financial transactions in the United States. As part of the “BuySecure” Initiative, the President pledged a...more
On January 11, 2013, the Financial Industry Regulatory Authority (FINRA) issued its annual Regulatory and Examination Priorities Letter (Priorities Letter) to member firms, which highlights its primary areas of focus for the...more